NN (NASDAQ:NNBR) Upgraded to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded NN (NASDAQ:NNBR) from a "strong sell" to a "hold"; the stock's consensus rating is Hold with a consensus price target of $3.00.
• Earnings beat: NN reported $0.02 EPS vs. ($0.05) expected and $118.45M in revenue vs. $106.59M expected, and analysts forecast about 0.12 EPS for the current year.
• Significant insider selling: Major shareholders (including Corre Partners) sold 555,305 shares each on April 23, and insiders sold 3,273,832 shares (~$7.86M) over the last three months, though insiders still own 19.6% of the company.

NN (NASDAQ:NNBR - Get Free Report) was upgraded by research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

Several other equities analysts have also issued reports on the company. Weiss Ratings reissued a "sell (d-)" rating on shares of NN in a research note on Tuesday, April 21st. B. Riley Financial dropped their price target on NN from $4.00 to $3.00 and set a "buy" rating on the stock in a research note on Friday, March 6th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $3.00.

NN Price Performance

NN stock opened at $2.76 on Wednesday. The stock's 50 day moving average is $1.74 and its 200 day moving average is $1.57. The company has a debt-to-equity ratio of 4.52, a current ratio of 1.83 and a quick ratio of 1.09. The firm has a market cap of $138.52 million, a P/E ratio of -2.53, a P/E/G ratio of 0.49 and a beta of 2.54. NN has a one year low of $1.10 and a one year high of $2.99.

NN (NASDAQ:NNBR - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The industrial products company reported $0.02 EPS for the quarter, topping analysts' consensus estimates of ($0.05) by $0.07. NN had a positive return on equity of 4.03% and a negative net margin of 7.85%.The company had revenue of $118.45 million for the quarter, compared to analyst estimates of $106.59 million. As a group, research analysts expect that NN will post 0.12 EPS for the current year.

Insider Activity at NN

In other news, major shareholder John Frederick Barrett sold 555,305 shares of the company's stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $2.69, for a total transaction of $1,493,770.45. Following the transaction, the insider directly owned 4,717,079 shares of the company's stock, valued at $12,688,942.51. This represents a 10.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Corre Partners Management, Llc sold 555,305 shares of the company's stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $2.69, for a total value of $1,493,770.45. Following the transaction, the insider directly owned 412,427 shares in the company, valued at $1,109,428.63. The trade was a 57.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 3,273,832 shares of company stock worth $7,859,198. Insiders own 19.60% of the company's stock.

Hedge Funds Weigh In On NN

Institutional investors have recently modified their holdings of the company. Two Sigma Investments LP acquired a new position in shares of NN during the third quarter worth approximately $27,000. Hudson Bay Capital Management LP acquired a new position in shares of NN during the second quarter worth approximately $29,000. Virtu Financial LLC acquired a new position in shares of NN during the fourth quarter worth approximately $30,000. Quinn Opportunity Partners LLC acquired a new position in shares of NN during the fourth quarter worth approximately $32,000. Finally, Laurel Oak Wealth Management LLC acquired a new position in shares of NN during the first quarter worth approximately $72,000. 53.92% of the stock is owned by institutional investors and hedge funds.

NN Company Profile

NN, Inc NASDAQ: NNBR is a diversified industrial manufacturing company specializing in engineered metal components, powder metal parts and friction materials. Through its subsidiaries, the company develops and produces precision-rolled products for powertrain and chassis applications, engineered friction products for brake and transmission systems, and various metal powders used in automotive, industrial and energy markets. Its offerings span a wide range of component sizes and complexity, from thin‐gauge strips for hybrid and electric vehicle applications to high‐volume sintered parts for commercial and consumer products.

The company's operations are organized into three business segments.

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